Commercial Banks have been reported by the Punch to have asked the CBN to limit across the counter withdrawals to just  N10,000 in a move that is bound to be followed by a customer backlash and could even set the economy further back in its bid to recover.
The paper explains the reason for this request is due to a significant drop in bank’s deposit over the past one year citing the harsh economic conditions as the reason. Currently, banks tend to encourage withdrawals through ATM cards as they earn revenues via charges from ATM’s and also reduces the cost of handling customers via their banking halls.
Going by some of the irrational decisions taken by the CBN over the past one year, one cannot rule out the possibility of the CBN heeding to the bank’s request and issuing out a directive on withdrawal caps. If this happens one will expect a heavy backlash from Nigerians who are increasingly getting frustrated by CBN economic polices that are thought to have made things worse rather than better.
That will be one crazy policy as people would ditch the banks for less regulated alternative means
No problem, business volumes are low. We ignore Banks for cash based transactions; while gradually withdrawing other funds in banks. We are not Greece, we run our economies ourselves with so much bills on hourly basis, coupled with a weak currency.
So i have to withdraw cash for two days to buy a bag of rice of N18,000.00? The woman who buys basket of tomatoes for N35,000.00 will wait for four days withdrawal to buy a basket?
Is this an attempt to reduce Nigeria population through deaths?
Economic implication of such policy will be suicidal; with unprecedented backlash.
Let us wait a little time for the CBN to issues a denial.i am sure most Nigeria are waiting for this denial,but again,we are not surprised in Nigeria,that any thing can happen in Nigeria .we have an increases in fuel prices.we are not shocked .the cbn knows what is the right thing.even jesus said weep not for me,but weep for yourself and your children.so my fellow Nigerians weep not for Nigeria,but weep for this govt and previous govt.